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Headline jobs report from the Bureau of Labor Statistics came in below consensus with a loss of 33,000. This is first monthly loss since September 2010. There is no doubt hurricane damage and disruption in two boom states, Florida and Texas, hurt the over number.

Beneath the headline, however, there are some very positive developments:

Hourly wages +2.9% from a year ago (best number since 2009)

U6 rate 8.3% from 8.6% (lowest since June 2003)

Total Unemployed 6.8 million from 7.1 million in the prior month (7.9 million year earlier)

Labor Force +575,000

Employment to Population Ratio 60.4 from 60.1 in the prior month

Record 154.3 million working (Household Survey)

This is a good day for the market to take a breather as we now shift from government data to corporate earnings, and this is going to be a make or break moment for the rally on a short-term basis.

The good news is stocks got hit last earnings season on good to great news- it was a cathartic period for the market and would-be sellers worried about multiples and the age of the rally.